Only 38 percent of the Infrastructure Investment and Jobs Act’s $1.2 trillion has been spent at the program’s halfway point; two and a half years remain to spend the rest.
Following its passage, the Infrastructure Investment and Jobs Act was touted as a generational investment in the nation’s critical infrastructure. Congress allocated $1.2 trillion, the largest single infrastructure spend in history, which would be divided up amongst a litany of programs to be dolled out to states, local governments, and other actors. Approximately $450 billion has already been announced for projects nationally, with $750 billion still to go. A big question, though, is how stubborn inflation and a greatly reduced labor pool will ultimately impact the effectiveness of this historic level of investment.
As of April 2024, Maryland has been allocated $2.6 billion in private-sector commitments and $12.9 billion in public investments in clean energy, infrastructure, and manufacturing.
- Infrastructure – $12.6 billion across 199 projects
- $11.3 billion for transportation
- $433.7 million for high-speed internet
- $446.2 million for clean water
- $212.7 million for climate resililince
- $126.2 million for clean transportation
- $17.9 million for legacy pollution mitigation
- Clean Energy & Climate – $2.6 billion
- $1.7 billion for clean power projects
- $16 million for clean energy manufacturing
- $298.8 million for incentives to accelerate deployment of clean energy, clean buildings, and clean manufacturing.
The Road Ahead
Based on the numbers so far, Maryland has received approximately $15.5 billion of the $450 billion already spent, or 3.4 percent of the total spending. Maryland represents roughly 2 percent of the country, which means that so far, the state is punching above its weight. Assuming the remaining $750 billion is invested using that 2 percent benchmark, Maryland can expect a further $15 billion in investment. If trends continue and the state receives a figure closer to 3.4 percent, then that figure may be closer to $24 billion. What is currently unclear is how the collapse of the Francis Scott Key Bridge will factor into future infrastructure investment and how the federal government will ultimately keep its promise of paying for the clean-up and rebuilding of the bridge.
